Many couples who decide to move in together or get married may merge their bank accounts into a joint checking or savings account. A joint account is a good way to combine a couple's finances and pay their bills, but it can be easy to slip up and duplicate a payment or forget to tell their partner about an unexpected expense, which may lead to an overdraft.
Online banking may help alleviate financial mix-ups and help couples monitor their joint account, according to Fox Business. Online banking provides up-to-date statements that record transactions immediately, reducing the risk that a forgotten ATM withdrawal or transaction will overdraw the account.
Additionally, online bill pay may allow the couple to better manage their newly-combined finances and eliminate the possibility of each partner mistakenly paying the electric bill. To avoid money mix-ups, most banks also allow account holders to link their checking and savings accounts.
Managing finances can be a tedious process, especially if an individual has a number of bills, loans, and credit cards. Online banking allows individuals to view a condensed list of their financial obligations and sign up for automated payments to avoid late fees and penalties.
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